One possible economic solution to the overhunting of rhinos is to __________.
allow private conservation organizations to purchase the rhinos and their habitat.
The overhunting of rhinos is an example of
tragedy of commons
Tax incidence refers to ____________.
who bears the burden of a tax.
Is the entire burden of the tax always borne by those on whom it is imposed?
Not necessarily, since the burden of the tax depends on price elasticity.
Which of the following is a cost associated with government intervention in an economic system?
A production function shows ____________.
the number of workers employed and the corresponding output levels that will be produced.
According to the Law of Diminishing Returns, ____________.
the marginal productivity of an additional unit of labor eventually decreases as the quantity of labor increases.
welding and painting robots on auto assembly lines
Laser measuring tools for construction workers
The demand curve is downward-sloping because marginal productivity ____rises as more workers are employed, while the supply curve is upward-sloping since an increase in the wage increases the opportunity cost of work____